Emmvee Photovoltaic IPO
SEBI has granted its observation letter for the Initial Public Offer (IPO) of Emmvee Photovoltaic Power Ltd. The company will proceed with its IPO launch, subject to market conditions and regulatory clearances.
The Emmvee Photovoltaic IPO is a Book-Built Issue of Rs. 3,000 crore, comprising a fresh issue of Rs. 2,143.86 crore and an Offer for Sale (OFS) of Rs. 856.14 crore. The equity shares are proposed to be listed on BSE and NSE.
JM Financial Ltd., IIFL Capital Services Ltd., Jefferies India Pvt. Ltd., and Kotak Mahindra Capital Co. Ltd. are the Book Running Lead Managers, while KFin Technologies Ltd. is the Registrar to the issue.
Key details such as price band, lot size, and IPO dates will be announced soon.
🕗 Last Update: 5 November 2025, 6.00 AM
👉 GMP | Reviews | Subscription | Allotment
IPO Key Dates
| Event | Date |
|---|---|
| IPO Opens on | 11 Nov. 2025 |
| IPO Closes on | 13 Nov. 2025 |
| Allotment on | 14 Nov. 2025 |
| Initiation of Refunds | 17 Nov. 2205 |
| Credit of Shares | 17 Nov. 2025 |
| Listing Date | 18 Nov. 2025 |
Promoters
The promoters of the company are Manjunatha Donthi Venkatarathnaiah, Shubha Manjunatha Donthi, Suhas Donthi Manjunatha, and Sumanth Manjunatha Donthi.
Promoter Holding (Pre-Issue): 100%
Promoter Holding (Post-Issue): To be updated after equity dilution.
Objects of the Issue
| Particulars | Rs. in Crores |
|---|---|
| Repayment / prepayment of certain borrowings (including those of subsidiary) | 1,607.90 |
| General Corporate Purposes | — |
Business
Emmvee Photovoltaic Power Ltd., incorporated in March 2007, is an integrated solar PV module and cell manufacturer.
As of May 31, 2025, it has 7.80 GW solar module capacity and 2.94 GW solar cell capacity — among the largest in India.
The company produces bifacial and mono-facial TOPCon modules, Mono PERC modules, and operates four manufacturing units across two Karnataka locations spanning 22.44 acres.
Its customers include leading IPPs, C&I players, and EPC firms such as Ayana Renewable Power, Clean Max Enviro Energy, Hero Rooftop Energy, KPI Green Energy, Aditya Birla Renewables, Blupine Energy, Lineage Power, Zodiac Energy, and Prozeal Green Energy.
Competitive Strengths:
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Second largest pure-play integrated solar PV module & cell manufacturer in India.
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Among the top solar PV module manufacturers with strong order book and proven quality.
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Early mover in advanced TOPCon technology.
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Strong promoter-led management and diverse client base.
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Sustainable and efficient production footprint.
IPO Details
| Particulars | Details |
|---|---|
| Face Value | Rs. 2 per share |
| Issue Price Band | To be announced |
| Lot Size | — |
| Sale Type | Fresh Issue + Offer for Sale |
| Total Issue Size | Rs. 3,000 crore |
| Fresh Issue | Rs. 2,143.86 crore |
| Offer for Sale | Rs. 856.14 crore |
| Listing At | BSE, NSE |
How are the Shares Offered?
| Investor Category | Shares Offered |
|---|---|
| QIB | Not less than 75% of the Net Offer |
| Retail | Not more than 10% of the Net Offer |
| NII | Not more than 15% of the Net Offer |
Financial Snapshot
| Period Ended | 31-Mar-25 | 31-Mar-24 | 31-Mar-23 |
|---|---|---|---|
| Assets | 3,913.94 | 2,189.99 | 840.79 |
| Total Income | 2,360.33 | 954.44 | 644.37 |
| Profit After Tax | 369.01 | 28.90 | 8.97 |
| EBITDA | 721.94 | 120.44 | 56.27 |
| Net Worth | 531.41 | 162.77 | 133.97 |
| Reserves & Surplus | 529.37 | 160.73 | 131.93 |
| Total Borrowing | 519.62 | 1,441.30 | 1,949.69 |
| Amount in Rs. Crore |
Key Performance Indicators
| KPI | Value |
|---|---|
| ROE | 104.60% |
| ROCE | 23.33% |
| Debt/Equity | 3.63 |
| RoNW | 69.44% |
| PAT Margin | 15.80% |
| EBITDA Margin | 30.91% |
Peer Comparison
| Company | FY25 Income (Rs. Cr) | PAT (Rs. Cr) | ROE (%) | PAT Margin (%) |
|---|---|---|---|---|
| Emmvee Photovoltaic | 2,360 | 369 | 104.6 | 15.8 |
| Waaree Energies* | — | — | — | — |
| Premier Energies* | — | — | — | — |
(*Data source: DRHP/RHP wherever available)
IPO Concise Review by Paresh Gordhandas, CA & Research Analyst
Emmvee’s financial growth is stellar, with revenue up 147% YoY and PAT surging over 11x in FY25. The company enjoys strong positioning in India’s rapidly expanding solar manufacturing ecosystem with efficient operations, high ROE, and improving margins.
However, high debt (Debt/Equity 3.63x) remains a factor to monitor post repayment.
Overall, valuations and price band will decide final verdict, but fundamentals appear strong for medium-term investors.
Registered Office
Emmvee Photovoltaic Power Ltd.
13/1, International Airport Road, Bettahalasur Post,
Bengaluru, Karnataka – 562157
Phone: +91 80 2217 4524
Email: investorrelations@emmvee.in
Website: www.emmveepv.com
Registrar to IPO
KFin Technologies Ltd.
Phone: 040-6716 2222 / 040-7961 1000
Email: emmvee.ipo@kotak.com
Website: ipostatus.kfintech.com
Lead Managers
JM Financial Ltd. | IIFL Capital Services Ltd. | Jefferies India Pvt. Ltd. | Kotak Mahindra Capital Co. Ltd.
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